FINRA sanctioned Stash Capital LLC for failing to maintain a reasonable anti-money laundering compliance program for more than four years and separately barred a broker who refused to appear for on-the-record testimony — headlining 112 regulatory events tracked across broker-dealers, registered investment advisers, and banks on Friday.

Stash Capital's AML Breakdown

The most consequential action of the day targeted Stash Capital, which FINRA found violated Rules 3310(a), 3310(b), 3310(f), and 2010 between January 2019 and June 2023. The firm failed to establish a customer identification program proportionate to its business size, failed to develop an anti-money laundering program designed to detect and report suspicious transactions, and failed to implement a written identity theft prevention program under Regulation S-ID of the Securities Exchange Act of 1934, according to FINRA case 2022076038801.

The four-year duration of the violations is notable. AML compliance failures that persist across multiple examination cycles suggest systemic weaknesses in a firm's supervisory infrastructure rather than an isolated lapse. FINRA has made AML enforcement a stated priority, and multi-year failures at firms with retail customer bases carry heightened regulatory risk.

Broker Barred for Refusing Testimony

In a separate action, FINRA permanently barred Anthony Sica (CRD No. 1332626), a former General Securities Principal, from associating with any member firm in all capacities after he refused to appear for on-the-record testimony, according to AWC No. 2025088031501.

Sica first registered with FINRA in 1985, building a nearly four-decade career in the securities industry. He was most recently associated with Joseph Gunnar & Co. LLC (CRD No. 24795), which discharged him on June 21, 2024, filing a Form U5 stating that Sica had "failed to comply with FINRA's request to fill out a Personal Activity Questionnaire."

This was not Sica's first regulatory encounter. In November 2017, he entered into a prior AWC with FINRA, consenting to findings that he made unsuitable recommendations to a customer and placed unauthorized trades in customer accounts in violation of FINRA Rules 2111 and 2010, and NASD Rule 2310. That settlement resulted in a censure, a three-month suspension in all capacities, a $20,000 fine, restitution, and an order to complete ten hours of continuing education.

The investigation that led to his bar originated from FINRA's targeted examination of Joseph Gunnar's practices regarding public and private offerings of small-capitalization exchange-listed issuers with business operations in foreign jurisdictions — a category of transactions that has drawn heightened regulatory scrutiny for potential fraud and market manipulation risks. On March 5, 2026, FINRA sent Sica a request for on-the-record testimony pursuant to Rule 8210. Through his counsel, Arthur Aidala of Aidala Bertuna & Kamins PC in New York, Sica acknowledged on March 12 that he received the request — and stated he would not appear.

By refusing to testify, Sica violated FINRA Rules 8210 and 2010. Rule 8210 requires registered persons and those subject to FINRA's jurisdiction to cooperate with investigations by providing information and testimony. Rule 2010 requires observance of "high standards of commercial honor and just and equitable principles of trade." Violations of Rule 8210 carry some of the most severe consequences in the self-regulatory framework — a bar in all capacities is permanent unless FINRA grants a re-entry application, and renders the individual subject to statutory disqualification under Section 3(a)(39) of the Securities Exchange Act of 1934, meaning he may not be associated with any FINRA member in any capacity, including clerical or ministerial functions.

Kestra Investment Services Reshuffles Leadership

Kestra Investment Services LLC (CRD: 42046), one of the largest independent broker-dealers in the country based in Austin, Texas, filed a leadership restructuring with three simultaneous changes. Chief Operating Officer Kristen Lawless Chester departed, Angela Diane Xavier joined as Client Experience Officer and Executive Vice President, and Mark Paul Schoenbeck's title changed from Executive Vice President to Advisor Engagement, Executive Vice President, according to FINRA BrokerCheck records.

The departure of a COO and creation of a "Client Experience Officer" title signals that Kestra is reorganizing its operating structure around advisor-facing services — a strategic shift playing out across the independent broker-dealer channel as firms compete to retain advisor talent against the pull of the RIA model.

Houlihan Lokey Governance Transition

Houlihan Lokey Capital Inc. (CRD: 17708), the Los Angeles-based investment bank, recorded a role change for Charles Anthony Yamarone III, who moved from Chief Corporate Governance and Compliance Officer to Senior Advisor. Governance transitions at major investment banks typically signal succession planning within the compliance function and are closely watched by regulators assessing a firm's supervisory continuity.

26 New RIAs Complete SEC Registration

On the advisory side, 26 firms completed their 120-day SEC registration process to become fully registered investment advisers — a strong single-day cohort that reflects continued growth in the RIA channel. The graduating class spans firms from across the country, adding to the steady pipeline of new advisers entering the SEC-registered universe.

14 Disclosure Events Across Advisory Firms

Fourteen disclosure events were recorded across the RIA vertical. Among new disclosures, a Merrill Lynch adviser had a customer complaint settled for $6,548 involving allegations of unauthorized fund access from a Bank of America checking account, and an LPL Financial adviser had a $7,745 tax lien filed in January 2026. Several other disclosures involved removals of older records — including bankruptcy and criminal records that had aged past their reporting windows — a routine process under FINRA's disclosure framework.

11 Advisor Moves Signal Channel Activity

Eleven advisors changed firm affiliations on Friday. Advisor mobility remains a leading indicator of competitive dynamics between the broker-dealer and RIA channels. Each move triggers Form U5 and U4 filings that update the advisor's registration history in the Central Registration Depository.

Powell Speaks on Public Administration

Federal Reserve Chair Jerome Powell delivered acceptance remarks at the American Society for Public Administration Annual Conference in Washington, the sole banking-vertical event of the day. The speech focused on public administration rather than monetary policy, though any Powell appearance is monitored by markets for signals on the economic outlook.

What to Watch

The Stash Capital enforcement action adds to a growing pattern of FINRA targeting AML deficiencies at smaller firms. Firms that have not updated their customer identification and suspicious activity reporting programs since the 2020-2023 period should treat this as a warning. The Kestra leadership changes, meanwhile, bear watching for what they signal about the evolving competitive strategy of independent broker-dealers seeking to differentiate on advisor experience rather than product shelf alone.

All data sourced from FINRA Disciplinary Actions, FINRA BrokerCheck, SEC Form ADV, Federal Reserve, and the Finleet Terminal as of March 21, 2026. Entity profiles are available at terminal.finleet.com.